IFRS Update and Checklist

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Hannah Wright
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IFRS Update and Checklist Effective dates of the new IFRS standards As at: 13.2.

1 IFRS Update and Checklist Effective dates of the new IFRS standards As at: Albania Austria Bulgaria Croatia Czech Republic Hungary Poland Romania Serbia Slovakia Slovenia

Overview effective dates of the new IFRS standards. In 2016 and the following years once more new or amended IFRS stan dards and interpretations became or are going to become effective.

2 Overview effective dates of the new IFRS standards. In 2016 and the following years once more new or amended IFRS stan dards and interpretations became or are going to become effective. For the application of the IFRS standards in the EU an adoption of the new standards in European law is necessary (endorsement). This endorsement process often leads to significant delays after the publication by the IASB. The effective date of new standards of the European Union is in many cases different from the one of the IASB. To support you TPA provided a yearly overview of the new IFRS standards and the latest effective dates according to IASB and EU. The coloured presentation can be used for entities with calendar-based business year. In case of a business year that derivates from the calendar year or a short business year it has to be taken into account that the IFRS standards could become effective earlier. Long-term preparation. In 2016 IFRS 9 (Financial Instruments) and IFRS 15 (Revenue from Contracts with Customers) have been endorsed by the European Union. The effective date according to IASB and EU will be 01 January Furthermore the revised version of the leasing accounting (IFRS 16) with IASB effective date 01 January 2019 has been published in January 2016 as well as the new IFRIC 22 (Foreign Currency Transactions and Advance Consideration) and amendments to different standards during the year 2016 with IASB effective dates between 01 January 2017 and 01 January The endorsement of the EU is still open for all amended standards and IFRIC 22 which have been published by the IASB in According the new standards IFRS 9, IFRS 15 and IFRS 16 entities have still time to prepare for the adoption. However, entities should analyse possible changes due to new standards in time, as they might result in accounting changes which also could affect previous periods. The principle that preparation is better than extensive followup shall apply. IFRS 16. About one year ago the IASB finished its long-standing project on lease accounting and published IFRS 16, Leases. IFRS 16 is likely to have a significant impact on the financial statements of a number of lessees and also on the long-term lease negotiations. Especially the provision of a single lessee accounting model, requiring lessees to recognise right-of-use-assets and liabilities for virtually all leases, unless the lease term is 12 months or less or the underlying asset has a low value, on the balance sheet, is intended to improve the quality of financial reporting and the comparability of financial statements of lessees. TPA supports you in preparing and implementing. If you need support in preparing and implementing of the new IFRS standards or have questions about other IFRS topics, please do not hesitate to contact your TPA consultant. We have long-term experience in the accompanying changeover of the accounting system to IFRS the preparation of a customized IFRS Group Accounting and Reporting Manual and Reporting Packages the compilation and audit of IFRS financial statements the compilation and audit of IFRS reporting packages the execution of purchase price allocations or impairment tests the actuarial computation of provisions for employee benefits according to IAS 19 Fair and transparent fee calculation is for us the basis for a long-term and successful cooperation.

3 Overview new IFRS Standards and effective date for IASB and EU Type Standard Title Date of publication Effective date (on/after) IASB EU IASB EU IFRS 9 Financial Instruments New / New Version IFRS 14 Regulatory Deferral Accounts open* open* IFRS 15 Revenue from Contracts with Customers IFRS 16 Leases open open IFRIC 22 Foreign Currency Transactions and Advance Consideration open open IAS 19 Defined Benefit Plans: Employee Contributions various IFRS Annual Improvements ( ) various IFRS Annual Improvements ( ) various IFRS Annual Improvements ( ) open open IAS 27 Equity Method in Separate Financial Statements IAS 16 IAS 41 IAS 16 IAS 38 Agriculture: Bearer Plants Clarification of Acceptable Methods of Depreciation and Amortisation IFRS 11 Accounting for Acquisitions of Interests in Joint Operations Amendment IFRS 10 IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture ** open open** open IAS 1 Disclosure Initiative IFRS 10 Investment Entities: Applying the Consolidated Exception IFRS 12 IAS 28 IAS 12 Recognition of Deferred Tax Assets for Unrealised Losses open open IAS 7 Disclosure Initiative open open IFRS 15 Clarifications to IFRS 15 Revenue from Contracts with open open Customers IFRS 2 Classification and Measurement of Share-based Payment open open Transactions IFRS 4 Appyling IFRS 9 Financial Instruments with IFRS 4 Insurance open open Contracts IAS 40 Transfers of Investment Property open open IFRS for SMEs First complete revision / / * The European Commission has decided not to launch the endorsement process for the interim standard IFRS 14 and to wait for the new standard Rate-regulated Activities. ** In December 2015 the IASB decided to postpone the effective date of this amendment indefinitely. Coloured presentation for entities with calender-based business year f

4 According to the work plan of the IASB (as at 19 January 2017), in addition to annual improvements, the following new or amended standards are to be expected from 2016 on: Insurance Contracts (new version IFRS 4) Rate-regulated Activities (new) Macro Hedges: Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging (amendment to IAS 39, IFRS 9) Disclosure Initiative Principles of Disclosure Definition of Materiality Materiality Practice Statement Primary Financial Statements (structure and content) Goodwill and Impairment (amendment IFRS 3) Conceptual Framework (new version) Business Combinations under Common Control (amendment IFRS 3) Financial Instruments with Characteristics of Equity (amendment IAS 32) Discount Rates Share-based Payment (IFRS 2) Furthermore the following essential projects are on the agenda of IASB: Distinction between changes in Accounting Policies and Accounting Estimates (amendment IAS 8) Classification of Liabilities (amendment IAS 1) Definition of a Business and Accounting of Previously Held Interests in a Joint Operation (amendment IFRS 3 and IFRS 11) Clarifications to Operating Segments arising from the Post-implementation Review (amendment IFRS 8 and IAS 34) Remeasurement at a Plan Amendment, Curtailment or Settlement / Availability of a Refund of a Surplus from a Defined Benefit Plan (amendment IAS 19 and IFRIC 14) Property, Plant and Equipment: Proceeds before Intended Use (amendment IAS 16) Symmetric Prepayment Options (amendment IFRS 9) Draft IFRIC Interpretation Uncertainty over Income Tax Treatment Annual Improvements Post Implementation Review: of IFRS 13 Fair Value Measurement Post Implementation Review IFRS relating to consolidated financial statements and joint arrangements

Facts about TPA TPA is among Austrian s leading tax

Customers can rely on some 500 staff members in twelve

In addition to Austria, the TPA Group is also operating

Europe: Albania, Bulgaria, Croatia, Czech Republic,

In total, the group of companies has more than 1,000

The TPA Group is an independent member of the Baker

worldwide network of tax advisors, auditors and

TPA Wirtschaftsprüfung GmbH Vienna A-1020 Vienna,

: +43 (1) 54617-0 Graz A-8010 Graz, Hartenaugasse 6a

5 Facts about TPA TPA is among Austrian s leading tax advisory and auditing companies. Customers can rely on some 500 staff members in twelve branch offices in Austria. In addition to Austria, the TPA Group is also operating in ten other countries in Central and South Eastern Europe: Albania, Bulgaria, Croatia, Czech Republic, Poland, Romania, Serbia, Slovakia, Slovenia and Hungary. In total, the group of companies has more than 1,000 employees at 27 locations. The TPA Group is an independent member of the Baker Tilly Europe Alliance and is thus able to provide a worldwide network of tax advisors, auditors and consultants for its clients. TPA Wirtschaftsprüfung GmbH Vienna A-1020 Vienna, Praterstrasse wp@tpa-group.at Tel.: +43 (1) Graz A-8010 Graz, Hartenaugasse 6a wp.graz@tpa-group.at Tel.: +43 (316) All our offices and contact persons can be accessed at: An independent member of the Baker Tilly Europe Alliance

IFRS adopted by the European Union

IFRS adopted by the European Union IFRS standards and amendments issued by the IASB and endorsed by the as at 31 December 2016 January 2017 1. Published International Financial Reporting Standards The